Another Mark Creasy-backed Fraser Range company is set to join the local bourse, with Galileo Mining (ASX:GAL) announcing it has received permission to join the ASX official list, with trading to commence on Tuesday, 29 May 2018.
The nickel-cobalt explorer is cashed-up as it joins the boards, recently completing a $15 million IPO which closed heavily oversubscribed.
The company issued 75 million shares at 20 cents per share, giving the miner an approximate market capitalisation of $24 million.
Galileo has attracted a host of impressive stakeholders, with Mark Creasy the largest, holding 37.4 million shares, representing approximately 31% of the Company.
Further significant investors include ASX-listed miner Independence Group (ASX:IGO) and Mineral Resources’ founder Chris Ellison, with the ten largest shareholders comprising over 50% of the share register.
Funds raised from the IPO will be put towards exploration at the company’s wholly-owned Noresman project located approximately 189km south of Kalgoorlie, and its 67 percent owned Fraser Range project, situated in one of the world’s hottest nickel-copper-cobalt provinces.
We are very pleased with the significant interest received in the Galileo initial public offering and now look forward to our trading debut on the Australian Securities Exchange on 29th May 2018,” Galileo managing director Brad Underwood said.
“Our attention post listing will immediately turn to on-ground work programs at our Norseman and Fraser Range projects. We are confident that our projects are highly prospective for additional cobalt resources as well as new discoveries,” he said.
Following the listing Galileo has announced its intention to progress a scoping study, with the initial step to acquire diamond core samples from the existing JORC resources.
The Noresman and Fraser Range projects are close to existing infrastructure, including roads and gas pipeline, water pipeline, sealed highway and a railway.